Bitcoin, Polygon, Ethereum Compete To More Than Double Price, Crypto Analyst Says – Here’s The Timeline – The Daily Hodl
A cryptocurrency strategist says the new year will bring a doubling in the price of several cryptocurrencies, including Bitcoin (BTC), Polygon (MATIC), and Solana (SOL).
Analyst who goes by the pseudonym Altcoin Sherpa Tells From his 187,800 Twitter followers, the worst of the economic troubles are likely to be over and by December 2023 more than 100% of the gains will be stored for some digital assets.
drink He says The cryptocurrency market will improve in 2023, but volatility will continue with the possibility of market capitulation still remaining.
2023 will be an interesting year. I think the worst is mostly behind us, but I think there is a final capitulation ahead. I think we’re going to have a lot of bear market rally, liquidity will be very fragmented from sector to sector similar to 2021.”
Sherpa bases its December 2023 price targets on its expectation that the macroeconomic picture will improve and historically fourth quarters It brought highs to the cryptocurrency markets, especially for altcoins.
Logic: I think the overall macro environment will be a little bit better by the end of 2023. I also think we saw a lot of Q4 upsides in 2017, 2020 and 2021 and altcoin ups for most of the fourth quarter in those years as well as 2018/2019. Alts saw Parades almost every year in the fourth quarter.”
Looking at Bitcoin, Sherpa He says The king cryptocurrency is likely to start rising early next year, but it will also see some declines.
“BTC: I think we will see a rally in the first quarter and then more pain later. I think we are likely to see an overall range of $15,000 to $30,000 for most of the year, with divergences at either end.”
Sherpa says bitcoin will likely reach $35,000 by the end of the year. At the time of writing, Bitcoin is trading at $16,833.
Sherpa says that Ethereum (ETH) is likely to outperform Bitcoin, with a price forecast of $3,200.
“Ethereum: I think it is outperforming BTC in general and it could be like this in the future.”
At the time of writing, Ethereum is trading at $1,218.
drink He says Ethereum rival Solana could gain momentum to $35, but could remain vulnerable due to the effects of the FTX crash.
Sol: I think it’s recovering but based on overall selling pressure from FTX/SBF.
At the time of writing, Solana is trading at $11.82.
Next, Sherpa He says Chainlink (LINK) will maintain oracle dominance and expect LINK to reach $14. At the time of writing, LINK is trading at $5.98.
The LINK chart looks good and should stay at the top of the list.
Finally, Sherpa He says MATIC looks strong with partnership deals that bring users into the blockchain project.
Matic: I think he has good chances in 2023, hmm [Business Development] Partnerships look good.”
At the time of writing, MATIC is trading at $0.80.
Don’t miss out – sign up to get encrypted email alerts delivered straight to your inbox
Check the price action
Follow us TwitterAnd Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl engages in affiliate marketing.
Featured image: Shutterstock / TadashiArt
#Bitcoin #Polygon #Ethereum #Compete #Double #Price #Crypto #Analyst #Heres #Timeline #Daily #Hodl